RBL Bank, TranServ introduce digital wallet for online retailers

Private sector lender RBL Bank, formerly Ratnakar Bank, and payments firm TranServ have launched a digital wallet for online retailers

The product will enable e-commerce retailers to offer customers with faster checkout, instant refunds, secure storage of bank cards, vouchers and coupons, and a semi-closed loop prepaid account to store funds.

Shmart will integrate with the interface of e-commerce websites and mobile apps, permitting retailers to control their brand and customers’ experience besides allowing them to process transactions across multiple channels.

TranServ CEO Anish Williams said: “We are delighted to offer Shmart! to the wider community online retailers today with our partner, RBL Bank. This is the first digital payments platform in India, which gives both merchants and consumer bank-grade security and trust.

“Several online merchants, large and small, are already using the Shmart! product suite and we look forward to introducing it to many others.”